How to Counteract the Great Resignation
Employees have had more than a year to reflect on their professional needs, challenges, and aspirations, and many want a new model of work. A recent US Pulse Survey found that 65% of employees are looking for a new job. They aren’t just searching for a bigger paycheck; they want better and more fulfilling opportunities, more flexibility, and an employer with corporate social responsibility.
The “Great Resignation,” coined by Anthony Klotz, is a phenomenon created in the wake of the pandemic as the number of job openings in the U.S. economy jumped to more than 10 million in June 2021—the highest on record. It comes as the U.S. labor market continues a choppy recovery from last year’s economic shutdowns, reported the Labor Department. Employers will need to wake up to keep and attract high-quality employees, reduce costly overtime pay, and avoid shutting down without enough employees.
Considering a hybrid work environment
Many enterprises are headed back to the office full-time, but what do employees want? A survey by Morning Consult on behalf of The New York Times found that just 45% of workers want to be in-office full-time, compared with 31% who want to be remote full-time and 24% who want a hybrid arrangement. According to Forbes, the hybrid working model includes location and more flexible work hours whereby workers can customize their rhythms and optimize their most productive times of the day for work.
Gartner's 2020 ReimagineHR Employee Survey shows that 55% of the workforce was more productive when choosing when, where, and how much they worked during the week. And they may just stick around if they are happier and more productive.
For employers, one of the brightest sides of the shift to remote work is that it widens the talent marketplace. According to Microsoft, remote job postings on LinkedIn increased more than five times during the pandemic. 46% of remote workers Microsoft surveyed are planning to move to a new location this year because they can now work remotely. People no longer need to leave their desks, house, or community to expand their careers, and it will have a profound impact on the talent landscape.
Predicting which 65% are looking to jump ship
Another way for employers to counteract the Great Resignation at their enterprises is by using an analytics solution to predict which employees may be looking for another job. Oracle Fusion HCM Analytics includes talent analytics to keep a pulse on turnover and learn about team engagement based on multiple data points. For instance, if an employee hasn’t received a base pay increase in three years, their predictive score would increase for voluntary termination. In combination with Workforce Predictions, leaders can also track turnover reasons, exit interview feedback, turnover trends, and more.
Armed with this knowledge, HR can create career planning and pathing programs to increase employee engagement and satisfaction. Additionally, organizations can leverage the analytical tools to find the most suitable candidates for their succession plans.
Early identification and mitigation of talent-related risks
It is important to know and identify at-risk employees before it is too late by filtering the talent population to a specific subset of employees on the team. Once a team member is identified as a risk, leaders can plan and implement strategies to mitigate loss of talent.
Previously, Oracle Fusion HCM Analytics client National Instruments (NI) manually pulled reports together in Excel and then asked for help from the operations team or the HR VPs, but now with Oracle Fusion HCM Analytics, NI has the information they need at their fingertips. In the past, people spent a significant amount of time pulling together data from different systems and piecing that into something they could use for decision-making.
The beauty of leveraging this new platform is the elevation of a ‘single dimension’ view overlaying multiple data sources, thus providing more holistic and in-depth insight. For example, combining compensation data with talent information allows managers to examine if they practice pay for performance and helps examine pay equity by overlaying compensation data from a Diversity and Inclusion (D&I) lens. NI is also looking at the current talent snapshot and looking back at past years’ trends for a more cohesive picture.
Identify and mitigate talent risk
To retain top talent, organizations must master and cultivate a growth mindset for their people and business strategy. They need a people strategy that prioritizes professional and personal growth with easily accessible training tailored to their specific role.
Using analytics within an HCM solution allows organizations to determine their talent risk and act with a solid talent management strategy. Data including compensation, performance, and attrition can be combined to proactively analyze scenarios to help retain top talent. Leaders can also slice and dice information by top talent, high potential, and high performer, and overlay data from outside sources. Voice-driven visualization allows HR to make faster decisions.
Create succession plans and visualize their strength
To remain agile and react to unexpected changes in the workforce, Oracle Succession Planning offers the flexibility to tailor succession plans for the organization. While HR leaders may have individuals that they want to create incumbent-based plans, they likely also need the flexibility to create job or position-based plans. Succession overview allows for quick visualization of the strength of succession plans. The plan strength gauge displays the number of candidates available in each readiness category, helping leaders quickly identify at-risk plans with a small number of candidates or those with too few candidates who are ready now so they can act. With Oracle Succession Planning, leaders can simultaneously interact with related succession plans and talent pools during the talent review meeting, view candidate slates, add and remove candidates, and assign or adjust readiness ratings.
Create talent pools and assign development goals
Within Oracle Cloud HCM, organizations can search for succession plans and talent pool candidates based on skills and experiences. This can help to identify the right person for key initiatives and have their best people on the most strategic projects. With Oracle Succession Planning, leaders can also manage their leadership pipeline using talent pools, develop talent by tying development goals to talent pools and prepare their talent for the next opportunity.
Get started on your analytics journey
As far as the Great Resignation goes, “this too shall pass.” With significant and long-lasting changes to the human capital mindset – corporations can prepare to respond with agility to future challenges. Contact Alithya today to help your organization improve employee engagement, connect HR with finance, standardize processes, and provide complete views of your organization for enhanced decision-making capabilities.
For comments, questions, or suggestions for future topics, please reach out to us at email@example.com. Visit our blog regularly for new posts about Cloud updates and other Oracle Cloud Services such as Planning and Budgeting, Financial Consolidation, Account Reconciliation, and Enterprise Data Management. Follow Alithya on social media for the latest information about EPM, ERP, and Analytics solutions to meet your business needs.